Baotou S 香椿 teel Q3 net profit hits RMB 419 mln
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Baotou Steel Q3 net profit hits RMB 419 mlnPublished: 20 Oct 2009 23:31:33 PST

More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market Oct. 21, 2009 (China Knowledge) - Inner Mongolian Baotou Steel Union Co Ltd<600010> announced yesterday that its net profit for the third quarter of this year plunged 126.23% year on year to RMB 419 million.

In the first three quarters of this year, the steel producer recorded a loss of RMB 329 million, versus a net profit of RMB 1.25 billion in the same period of last year, said the company in statement filed with the Shanghai Stock Exchange.

Baotou Steel attributed the loss to weak demand for steel products amid the global financial crisis, oversupply in the country's steel sector and low steel prices.

In the first nine months of this year, the company realized RMB 24.81 billion in operating income, down 21.25% year on year.

Baotou Steel predicted that its net profit for 2009 will decrease 80% to 120% from a year earlier as prices of steel products in the fourth quarter will continue to decline.


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